Title 27, Title 27 Title 27

(a) No person, firm, association, or corporation shall act in the capacity of an MGA with respect to risks located in this state for an insurer licensed in this state unless that person, firm, association, or corporation is a licensed producer in this state. (b) No person, firm, …

No person, firm, association, or corporation acting in the capacity of an MGA shall place business with an insurer unless there is in force a written contract between the parties that sets forth the responsibilities of each party and where both parties share responsibility for a …

(a) The insurer shall have on file an independent financial examination, in a form acceptable to the commissioner, of each MGA with which it has done business. (b) If an MGA establishes loss reserves, the insurer shall annually obtain the opinion of an actuary attesting to the ad…

The acts of the MGA are considered to be the acts of the insurer on whose behalf it is acting. An MGA may be examined as if it was the insurer and cost of examination will be borne by the insurer pursuant to § 27-13-1.

(a) If the commissioner finds after a hearing conducted in accordance with the Administrative Procedures Act, chapter 35 of title 42, that any person has violated any provision(s) of this chapter, the commissioner may order: (1) For each separate violation, a penalty in an amount…

The commissioner of insurance may adopt reasonable rules and regulations for the implementation and administration of the provisions of this chapter.

No insurer may continue to utilize the services of an MGA on and after December 31, 1992, unless that utilization is in compliance with this chapter.

This chapter may be cited as the “Reinsurance Intermediary Act.”

(a) A reinsurance intermediary shall be subject to examination by the commissioner. The commissioner shall have access to all books, bank accounts, and records of the reinsurance intermediary in a form usable to the commissioner. The cost of the examination shall be paid by the i…

(a) A reinsurance intermediary, insurer, or reinsurer found by the commissioner, after a hearing conducted in accordance with the Administrative Procedures Act, chapter 35 of title 42, to be in violation of any provision(s) of this chapter, shall: (1) For each separate violation,…

The commissioner may adopt reasonable rules and regulations for the implementation and administration of the provisions of this chapter.

As used in this chapter: (1) “Actuary” means a person who is a member in good standing of the American Academy of Actuaries. (2) “Controlling person” means any person, firm, association, or corporation who or that directly or indirectly has the power to direct or cause to be dire…

(a) No person, firm, association, or corporation shall act as an RB in this state if the RB maintains an office either directly or as a member or employee of a firm or association, or an officer, director, or employee of a corporation: (1) In this state, unless the RB is a licens…

Transactions between a RB and the insurer it represents in that capacity shall only be entered into pursuant to a written authorization, specifying the responsibilities of each party. The authorization shall, at a minimum, provide that: (1) The insurer may terminate the RB’s auth…

(a) For at least ten (10) years after the expiration of each contract of reinsurance transacted by the RB, the RB will keep a complete record for each transaction showing: (1) The type of contract, limits, underwriting restrictions, classes, or risks and territory; (2) Period of …

(a) An insurer shall not engage the services of any person, firm, association, or corporation to act as a RB on its behalf unless that person is licensed as required by this chapter. (b) An insurer may not employ an individual who is employed by a RB with which it transacts busin…

Transactions between a RM and the reinsurer it represents in that capacity shall only be entered into pursuant to a written contract, specifying the responsibilities of each party, which shall be approved by the reinsurer’s board of directors. At least thirty (30) days before the…

The RM shall not: (1) Cede retrocessions on behalf of the reinsurer, except that the RM may cede facultative retrocessions pursuant to obligatory facultative agreements if the contract with the reinsurer contains reinsurance underwriting guidelines for the retrocessions. The guid…

(a) A reinsurer shall not engage the services of any person, firm, association, or corporation to act as a RM on its behalf unless that person is licensed as required by the provisions of this chapter. (b) The reinsurer shall annually obtain a copy of statements of the financial …

(a) Any person who knowingly and with intent to deceive the director of business regulation (referred to in this section as “director”) about the financial condition of an insurance company, makes any false statement, representation, or report to the director concerning an insura…

The statute of limitations for offenses under this chapter shall be ten (10) years.

If any provision of this chapter or the application of this chapter to any person or circumstances is held invalid or unconstitutional, the invalidity or unconstitutionality shall not affect other provisions or applications of this chapter which can be given effect without the in…

In addition to the criminal penalties set forth in § 27-54-1, the attorney general or the director or the director’s designee may bring a civil action against any person who engages in conduct constituting an offense under this chapter and, upon proof of that conduct by a prepond…

(a) Pursuant to chapter 13.1 of this title, the director, or the director’s designee, may conduct investigations as he or she deems necessary in order to ascertain whether any person has violated or is violating any provision of this chapter. (b) Whenever the director, or the dir…

(a) Whenever an officer or director of an insurance company knows that a material false statement or representation has been made to the director, or the director’s designee, or that false testimony has been given, or that a material false entry has been made in the books of the …

No person may serve as a director, officer, or senior management official of an insurance company who has been convicted of a felony involving fraud, dishonesty, or a breach of trust.

If the attorney general or the director, or his or her designee, has reason to believe that a person is engaged in conduct prohibited by this chapter, he or she may petition an appropriate court for an order prohibiting that person from further engaging in that conduct. The filin…

(a) Prohibition against discrimination. No person subject to the provisions of this chapter may discharge, demote, threaten, or otherwise discriminate against any person or employee with respect to compensation, terms, conditions, or privileges of employment as a reprisal because…

(a) Every insurance provider doing business within this state shall require applicants for property insurance, real or personal, to disclose whether or not the applicant or applicants have been convicted of any degree of the crime of arson as described in chapter 4 of title 11 wi…

This chapter shall not: (1) Preempt the authority or relieve the duty of other law enforcement agencies to investigate and prosecute suspected violations of the law. (2) Limit any of the powers granted elsewhere in this title or other laws granting authority to the director, or t…

For the purpose of this chapter, the following words and terms have the following meanings: (1) “Drug” or “drugs” means any substance prescribed by a licensed healthcare provider acting within the scope of the provider’s license that is intended for use in the diagnosis, mitigati…

(a) No health insurer issuing a policy that provides coverage for prescription drugs shall exclude coverage of any drug used for the treatment of cancer or disabling or life-threatening chronic disease on the grounds that the drug has not been approved by the FDA for that indicat…

The director of the department of health shall appoint an advisory panel of seven (7) medical experts. The purpose of the advisory panel is to make recommendations to the director regarding whether a particular off-label use is medically appropriate, whenever a particular dispute…

(a) Every insurer domiciled in this state shall file a report with the commissioner disclosing material acquisitions and dispositions of assets or material nonrenewals, cancellations, or revisions of ceded reinsurance agreements unless the acquisitions and dispositions of assets …

(a) Materiality. No acquisitions or dispositions of assets need to be reported pursuant to § 27-56-1 if the acquisitions or dispositions are not material. For the purposes of this chapter, a material acquisition (or the aggregate of any series of related acquisitions during any t…

(a) Materiality and scope. (1) No nonrenewals, cancellations, or revisions of ceded reinsurance agreements need to be reported pursuant to § 27-56-1 if the nonrenewals, cancellations, or revisions are not material. For the purposes of this chapter, a material nonrenewal, cancella…

(a) Every domestic insurer or insurance company authorized to issue policies of life insurance or liability insurance pursuant to this title, and also any workers’ compensation insurer, shall, within thirty (30) days prior to the making of any payment equal to or in excess of fiv…

In any case where the department of human services, office of child support services, child support enforcement unit has intercepted an insurance payment, the department shall notify the obligor parent of this action upon crediting the obligor’s account. [See § 12-1-15 of the Gen…

Nothing in this chapter affects the validity or priority of liens or written notices of healthcare providers, attorney fees, holders of security interests, or the assignment of rights under § 40-6-9 which may exist. Funds subject to liens, written notices, or security interests s…

(a) The department shall periodically within each year furnish the insurance companies and insurers subject to this section with a list or compilation of names of individuals, with last known addresses, who as of the date of the list or compilation owe past-due support in excess …

This act may be cited as the “Financial Institution Insurance Sales Act.”

(a) As used in this section, unless the context requires otherwise: (1) “Customer” means a person with an investment, security, deposit, trust, or credit relationship with a financial institution. (2) “Nonpublic customer information” means information regarding a person that has …

(a) If insurance is required as a condition of obtaining a loan, the credit and insurance transactions shall be completed independently and through separate documents. (b) A loan for premiums on required insurance shall not be included in the primary credit without the written co…

The place of solicitation or sale of insurance by any financial institution shall be from an office physically separated from the banking activities of the institution. Physical separation shall not be defined as a separate building. The commissioner shall have the authority to p…

Any person who violates the provisions of this chapter, or who fails to perform any duties imposed by this chapter, or who violates any administrative regulation promulgated pursuant to this chapter shall be liable for a civil penalty not to exceed the sum of one hundred dollars …

The purpose of this chapter is to regulate financial institutions in the conduct of the business of insurance in this state.